A mostly sideways week in the markets has left the trend picture still positive on balance – consistent with the view that the current uptrend is still intact. This remains my perspective for now, as long as the S&P 500 doesn’t break down below the 1270-1280 level.
However, not all of the major indices are positive. [...]
Tech stocks finally kicked into gear last week, rallying along with most of the rest of the market to end the week right at or near important upside resistance levels. While the market might be expected to consolidate here, the nature of the rally so far and the now decisively positive weekly trend picture suggest [...]
A weak performance for the U.S. indices last week has left the weekly trend picture looking mostly negative once again – a cautionary sign. In particular, the NASDAQ and Russell 2000 (see below) have been continuing to under perform and are looking vulnerable on the price charts:
It’s noteworthy that, unlike the DJIA and S&P 500, [...]
Still a mixed-to-positive picture in the weekly trend analysis. For now at least it appears likely that the market may continue to work its way higher.
If it does, the big question will be what happens when it reaches upside resistance levels (of about 1300 on the S&P 500 and 11400-11500 on the DJIA)? A [...]
